CNX Resources (NYSE:CNX) Shares Gap Up – Should You Buy?

Shares of CNX Resources Co. (NYSE:CNX) gapped up prior to trading on Tuesday . The stock had previously closed at $30.73, but opened at $31.63. CNX Resources shares last traded at $32.41, with a volume of 297,915 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CNX shares. Piper Sandler dropped their price target on CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 29th. StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Thursday, February 13th. Stephens raised shares of CNX Resources from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $35.00 to $48.00 in a research report on Tuesday. Mizuho reduced their target price on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a research note on Tuesday, January 14th. Finally, TD Cowen initiated coverage on CNX Resources in a research report on Wednesday, January 15th. They set a “hold” rating and a $27.00 price objective for the company. Nine investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, CNX Resources has a consensus rating of “Hold” and a consensus target price of $30.38.

CNX Resources Stock Performance

The stock has a market cap of $4.83 billion, a price-to-earnings ratio of -47.73, a P/E/G ratio of 0.42 and a beta of 1.26. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. The company has a 50 day simple moving average of $29.66 and a 200 day simple moving average of $33.03.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. As a group, equities research analysts forecast that CNX Resources Co. will post 2.18 EPS for the current year.

Insider Activity

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the transaction, the insider now directly owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This trade represents a 7.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On CNX Resources

Several large investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. increased its holdings in shares of CNX Resources by 131.5% during the fourth quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer’s stock valued at $34,000 after acquiring an additional 526 shares in the last quarter. Xponance Inc. lifted its stake in CNX Resources by 2.9% in the fourth quarter. Xponance Inc. now owns 20,876 shares of the oil and gas producer’s stock valued at $766,000 after purchasing an additional 588 shares during the last quarter. Principal Securities Inc. grew its stake in shares of CNX Resources by 38.5% during the 4th quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock worth $91,000 after acquiring an additional 691 shares during the period. SeaBridge Investment Advisors LLC raised its position in shares of CNX Resources by 0.8% in the fourth quarter. SeaBridge Investment Advisors LLC now owns 90,301 shares of the oil and gas producer’s stock valued at $3,311,000 after purchasing an additional 759 shares during the period. Finally, Pullen Investment Management LLC boosted its holdings in shares of CNX Resources by 2.7% in the fourth quarter. Pullen Investment Management LLC now owns 32,151 shares of the oil and gas producer’s stock worth $1,179,000 after acquiring an additional 841 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

About CNX Resources

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.